Morien Resources Corp.
TSX VENTURE : MOX

Morien Resources Corp.

March 04, 2015 11:40 ET

Morien Announces Submission of Environmental Impact Statement for Black Point Aggregate Project

HALIFAX, NOVA SCOTIA--(Marketwired - March 4, 2015) - Morien Resources Corp. ("Morien" or the "Company") (TSX VENTURE:MOX), is pleased to announce that the Environmental Impact Statement ("EIS"), has been submitted today to the Canadian Environmental Assessment Agency ("CEAA") and Nova Scotia Environment ("NSE") for the Black Point Aggregate project ("Black Point" or "Project") in Guysborough County, Nova Scotia. Morien and Black Point Aggregates Inc., a wholly owned subsidiary of Vulcan Materials Company ("Vulcan"), are working cooperatively to acquire the necessary environmental assessment approvals for the Project.

The submission of the EIS represents a major milestone in advancing the Project, and Morien and Vulcan anticipate a decision from the provincial and federal ministers of the environment in either Q4 2015 or Q1 2016. The EIS outlines the details for the development, operation, decommissioning and abandonment of a hard rock quarry and marine terminal at Black Point, including the potential environmental effects and the proposed measures to prevent or mitigate those effects. The submission of the EIS initiates a 30-day public review period that will continue until April 3, 2015.

The EIS and additional information regarding the environmental assessment process are available online at www.ceaa-acee.gc.ca (Registry reference number 80064) and at www.gov.ns.ca/nse/ea.

Morien announced previously on April 14, 2015, that it had entered into an agreement with Vulcan and the Municipality of the District of Guysborough ("MODG") whereby Vulcan would assume Morien's interest in Black Point and become manager and operator of the Project in exchange for reimbursing Morien for previous expenditures on the Project through milestone payments totalling $1,800,000, and an industry competitive royalty stream. The royalty will be payable on all material sold from the Project over the anticipated 50 plus year life of the mine, which is projected to provide annual revenue between $250K and $750K to Morien. The first payment of $1,000,000 was paid on signing of the agreement, and a second payment of $800,000 is due upon the approval and receipt of all environmental permitting necessary for the mining and shipping of aggregate from the Project.

About Morien

Morien is a Canadian mining exploration and development company, focussed on unique mineral industry opportunities in North America with current interests, in addition to Black Point, in:

Donkin Coal Project: On March 02, 2015 Morien announced the closing of a transaction with Kameron Collieries ULC ("Kameron"), an affiliate of The Cline Group LLC, for the exchange of Morien's 25% working interest in the Donkin Coal Project ("Donkin") in Cape Breton, Nova Scotia for a cash payment of $5.5 million and a production royalty. Kameron will pay Morien a gross production royalty of 2% on the first 500,000 tonnes of coal sales per calendar quarter and 4% on any coal sales from quarterly tonnage above 500,000 tonnes for the life of mine. Donkin will be operated by, or under the direction of, Kameron. Donkin is fully permitted, including approval for construction of an on-site barge-loading facility to access deep tidewater. Approximately $43 million has been invested in the Project since 2006, including $15 million by Morien and its predecessor companies.

Banks Island Gold Project: Morien holds a 1.5% NSR royalty over the marketable metal, ores, minerals and concentrates produced and shipped from a 1,987 hectare area within the producing Yellow Giant Gold property operated by Banks Island Gold Ltd., located 105 kilometres south of Prince Rupert, British Columbia.

U.S.A. Industrial Mineral Interests: Morien holds various direct and indirect interests in industrial mineral properties in the United States.

Morien has 59,942,248 issued and outstanding common shares and a fully diluted position of 65,658,975. Further information is available at www.MorienRes.com.

About Vulcan

Vulcan Materials Company, a member of the S&P 500 Index, is the largest producer of construction aggregates in the United States, and a major producer of other construction materials. For additional information see www.vulcanmaterials.com.

Forward-Looking Statements

Some of the statements in this news release may constitute "forward-looking information" as defined under applicable securities laws. These statements reflect Morien's current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in Morien's annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien's royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including gold, coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Morien Resources Corp.
    John P.A. Budreski
    President and CEO
    (416) 930-0914

    Morien Resources Corp.
    Dawson Brisco, P.Geo
    Manager Corporate Development
    (902) 466-7255
    dbrisco@MorienRes.com
    www.MorienRes.com